Posted: Feb 6, 2014 5:03 PM
Updated: Feb 6, 2014 5:05 PM
SAN FRANCISCO (AP) Charles Schwab Corp. said Thursday it is planning to move about 1,000 jobs out of San Francisco over the next three to five years.
The San Francisco-based banking and brokerage company has more than 13,000 employees, including about 2,700 in the Bay Area.
It is moving the jobs out of San Francisco because of the high cost of doing business and the high cost of living in the Bay Area, spokeswoman Sarah Bulgatz said. But, she added, "We intend to keep our corporate headquarters in San Francisco for the foreseeable future.
According to market data from Paragon Real Estate Group, a San Francisco-based real estate company, the median home sales price in the city in August was $870,000, and the average rent for a two-bedroom apartment in San Francisco, San Marin and San Mateo counties was $2,697 a month.
Bulgatz said the company also has had difficulty recruiting in the Bay Area because of the intense competition for top talent.
She said no final decision has been made about which jobs will be moved or where they will go, though locations in Arizona, Colorado, Florida, Indiana and Texas are possibilities.